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to washington today after winning the electoral college, the popular vote and a second term. good evening, i'm judy woodruff. >> ifill: and i'm gwen ifill. on the "newshour" tonight, kwame holman wraps up the results and the reaction and ray suarez reports from chicago on the president's day. >> woodruff: we assess the tactics that led to success for the obama campaign and failure for mitt romney. >> ifill: we examine the messages voters sent yesterday with jeffrey brown, who looks at the makeup of congress and the new laws around the country. >> woodruff: what to do about the fiscal cliff, healthcare and immigration? we explore the challenges ahead in the next four years. >> ifill: and back with us again, for analysis, are mark shields and david brooks. >> woodruff: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and
from falling off the fiscal cliff. while washington struggles on a fiscal cliff deal, what should you do about your portfolio? jeff applegate has some answers. he's chief investment officer at morgan stanley smith barney. and home depot hammers home strong gains and lays the foundation for a strong quarter ahead. that and more tonight on "n.b.r." it was another day of cliff- watching here on wall street today. investors and traders are waiting to hear what happens at an important white house meeting on friday between president obama and congressional leaders. they will be talking about ways to solve the so-called "fiscal cliff" dilemma. investors appear cautious about making any big moves until they know whether the cliff will trigger increases in capital gains and dividend taxes. the dow fell almost 59 points, the nasdaq lost 20, and the s&p was down five. meanwhile, in washington, congress returned to work for the first time since september. lawmakers face a long "to-do list," and getting a deal on that fiscal cliff is right at the top. darren gersh reports. >> reporter: it was fres
engineed by powerful players in washington and on wall street. you can read how they did it in this book "winner-take-all politics" by two of the country's top political scientists, jacob hacker and paul pierson. they were drawn to a mystery every bit as puzzling as a crimi drama "how washington made the rich richer and turned its back on the middle class." quote -- "we wanted to know how our economy stopped working to provide prosperity and security for the broad middle class." and that's what you saw. >> i thinkss a lot of people kn. the top one or two wrongs have shot up into the stratosphere while all of the other ones have stayed re or less in lplace. it's really astonishing how concentrated the games of economic growth have been. >> you know the startling statistic that we have in the book is that if you take all of the income gains from 1979 to 2007, so all the increased household income over that period around 40% of those gains went to the top 1%. and if you look at the bottom 90%, they had less than that combined. and it's not just a one or a two-year story. i mean, we've see
outward from the pentagon today, and across official washington. the name of u.s. marine general john allen, the top american commander in afghanistan, surfaced overnight in the scandal that began friday with david petraeus resigning at c.i.a. director. unnamed defense officials say the military is now investigating possibly, quote, inappropriate communications between allen and tampa socialite jill kelley. she had reported getting harassing emails from another woman, paula broadwell. the f.b.i. investigation that followed uncovered broadwell's affair with petraeus. but according to the newest revelations, agents also found extensive contacts between kelley and general allen. the f.b.i. notifieded the pentagon on sunday. last night spokesman george little read a statement from defense secretary leon panetta on a flight to australia. >> today the secretary directed that the matter be referred to the inspector general of the department of defense for investigation. it is now in the hands of the department of the secretary-general. >> brown: early news accounts said allen and kelley exch
with republican leaders get underway to avoid the fiscal cliff. as darren gersh reports from washington, even before republicans and democrats sit down to talk on friday, both sides are laying down markers. >> reporter: just two days before he meets with congressional leaders, the president took a tougher tone on budget talks. in his news conference, he pushed hard for an immediate extension of tax cuts for everyone making less than $250,000 a year. >> and by the way, that means every american, including the wealthiest americans get a tax cut. it means that 98% of all americans, and 97% of all small businesses won't see their taxes go up a single dime. the senate has already passed a law like this. democrats in the house are ready to pass a law like this and i hope republicans in the house come on board too. >> reporter: republicans said again they would be willing to raise more tax revenue by closing loopholes or limiting deductions. but those revenues had to be matched with cuts in entitlement programs. >> until you make our entitlement programs fit the future demographic of country, the de
: in washington, they think carefully about the pictures they want to present to the public so this mattered. all four congressional leaders-- democrats and republicans-- after meeting with the president chose to face the cameras together. that hardly ever happens and it reflects the new post-election mood of cooperation. house speaker john boehner called the meeting very constructive. >> i outlined a framework that deals with reforming our tax code and reforming our spending. and i believe the framework that i've outlined in our meeting today is consistent with the president's call for a fair and balanced approach. >> reporter: to republican leaders balance means some higher tax revenues are paired with reductions in spending and changes in entitlement programs. that's a challenge for democrats, but the president seemed willing to move in that direction. >> our challenge is to make sure that we are able to cooperate together, work together, find some common ground, make some tough compromises, build some consensus to do the peoples business. and what folks are looking for-- and i think all of us
are one way to help washington get its fiscal house in order, c.e.o. bill polacek says it would take a massive, preventable and personal toll here in johnstown. >> everything i've worked for, everything everybody worked for, in 25 years of business that we're celebrating this year, could all be for naught, only because the people in congress, and the senate, can't vote to do what's in the best interest of the american people. >> reporter: congress has until january first to avert the sequester. until then, manufacturers, researchers, teachers and a host of others will be waiting to find out if and how the fiscal cliff will affect them. sylvia hall, "n.b.r.," washington. >> tom: we've seen the estimates on going over the cliff, recession, some even calling it debt-mageddon. but from tax rates, to entitlement spending, what are the real policy implications here? to answer that question, our washington bureau chief darren gersh recently spoke with economists from both sides of the aisle. dean baker and douglas holtz- eakin joined us and after a coin toss, darren started with dean asking
. >> brown: washington's struggle to avoid going off the "fiscal cliff" resumed in earnest today. the president moved to draw on his reelection victory for new clout with congress. the goal: a sweeping deficit agreement to avert $650 billion in spending cuts and tax increases at the start of 2013. from the white house came word that president obama will try to build public pressure on congress to raise taxes on the wealthy and prevent tax hikes for everyone else. white house spokesman jay carney. >> well, the president believes very strongly that the american people matter in this debate. because this debate is about them. the question of whether or not taxes go up on 98% of american tax payers is a very important to ordinary americans. it is not just a matter for discussion between the president and the senate minority leader. or other congressional leaders. >> brown: to that end the president met privately today with small business owners. on friday he'll travel to the philadelphia area to speak further on the issue. not to be outdone, house republicans said they'll meet with s
a massive selloff on wall street as investors worry about the status quo in washington. >> tom: i'm tom hudson. the election is over but the fiscal cliff, is just eight weeks away, and it will play into every decision the president makes until january first. >> susie: and the fiscal cliff is a big worry for business leaders. the c.e.o. of caesars entertainment, tells us it'll be "very damaging" for his company. >> tom: that and more tonight on "n.b.r."! wall street greeted the election results with a big sell-off in stocks. investors dumped shares of almost every type, giving the s&p 500 it's worst day since june. beyond the u.s. elections, europe also brought fresh worries for investors with concerns in greece, and germany. here's how the numbers stacked up on wall street. the dow lost 312 points, at it's worst point of the day, the blue chip index was down 369 points. the nasdaq tumbled nearly 75 points and the s&p 500 off 33. suzanne pratt takes a look at where the market goes from here. >> reporter: let's be candid. this is not the election outcome that wall street wanted to see. af
&p was up a fraction. american businesses are not only concerned about the fiscal showdown in washington, but also about corporate earnings. nearly all of the s&p 500 firms have reported numbers, and profit growth is the slowest since the recession in 2009. and the majority of firms are also reporting disappointing revenues. here's erika miller with a look back at the quarter, and a look ahead. >> reporter: earnings season is drawing to a close. and for many firms it's good riddance. nearly all of the s&p 500 have reported quarterly numbers, and according to s&p capital i.q., profits are up a measly 2%. thomson reuters and factset crunch the numbers slightly differently, and believe profits are actually down. the bigger concern is revenue growth. s&p has the most optimistic analysis with a 0.6% gain. the other two firms see negative growth. firms face an almost universal problem: a slowing global economy. >> companies kind of put it in this context: the red flag is europe still. china falling there after, being kind of a yellow flag. >> reporter: that weak global demand is forcing many c
in washington are making progress. that led to a powerful rally today, continuing the momentum from friday after that white house meeting between president obama, and congressional leaders. stocks rallied right from the opening bell: the dow surged 207 points, the nasdaq jumped nearly 63, and the s&p 500 rose 27. >> tom: those hopes about a fiscal cliff deal may be good enough for stock traders today, but is the economy in a position to deal with whatever solution politicians may hammer out? it's expected that the fiscal fix will involve tax hikes of some sort, and spending cuts as well. we spoke with economist dean baker from the center for economic and policy research, and economist douglas holtz- eakin of the american action forum. "n.b.r.'s" washington bureau chief darren gersh began the discussion by asking baker what tighter federal policy will mean for the economy in the coming year. >> insofar as we get austerity, we get tax increases, spending cuts, that's going to slow the economy. i anticipate a deal so we are don't see the full, you know, $500 billion tax increases 100 billion spendi
happens in a growing economy has nothing toat do with washington. what the president and what washington in general can do is try to set the stage and set a groundwork for policy that could encourage growth. and i think the shorter term that you are thinking about, the less can be done specifically by the president. so if you are asking over a one month or three month period, there's very little the president can do. if you start asking over a five year, ten year period, then the policy decisions they make can influence quite a lot the way things go. th brown: and john taylor, brief last word on that? >> well, i think as we are talking about four years what is going to happen the next four years. that say time where a president can make a tremendous difference. and we're t lking about the past four years. and the president could have made a much better policy with the unemployment being so high. >> brown: all right, john taylor andustan goolsbee, thanks so much. >> thank you >> brown: and if you're ready for more analysis on the jobs numbers, you'll find it, as always, on paul solman's "
house today and congress returns to washington early next week. top on the agenda for both: a looming fiscal crisis. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we assess the task ahead in negotiations to avoid an economic hit from automatic spending cuts and tax increases. >> brown: then, we examine what's next for the republican party, after a second straight presidential campaign rebuke from a changing american electorate. >> woodruff: the associated press still hasn't called a winner in florida. why not? and why were the lines so long at some polling places across the country? ray suarez gets some answers. >> brown: john merrow tells the story of pediatricians with a new prescription: books to build better brains. >> there's solid research that shows that just that intervention of handing a family a book, giving them a couple of age-appropriate pieces of advice about how to read with their kid and just encouraging reading, they-- those kids will do better in school. >> woodruff: and from politics here to the power shift in china.
of the blue thunder bolt that hit washington friday. >> brown: all weekend in washington the details kept coming along with more questions. after david petraeus' sudden resignation on friday because he had had an extra marital affair quickly revealed to involve his biographer paula broadwell. her book came out last january. appearing on c-span she recalled first meeting petraeus several years earlier. >> he came to harvard university where i was a graduate student and wanted to speak to students about the merits of counterinsurgency approach to fighting the iraq war. >> brown: later researching her book broadwell had extensive access to petraeus during his time as overall commander in afghanistan. in august of last year, wife holy at his side the four-star general retired from the service. he took the c.i.a. post the next month. today the general's former spokesman retired colonel steve boylan told abc the affair began then, after he had left the army which strictly for bids adultery. >> this all started about two months after he was in the c.i.a. as the director and just so you know it a
and washington may have refused to arm these rebels. but armed they are like never before. >> suarez: and margaret warner takes the story from there. >> warner: for more on today's developments and what they mean for syria's president bashar al assad, i'm joined by andrew tabler, a senior fellow at the washington institute for near east policy. he was in rebel-held syrian border regions in mid-november. andrew, welcome back. >> thank you. >> warner: first of all, how critical is the rebel seizure of some of these surface-to-air missile from the captured army bases? >> they're answer cloutly vital. for months the syrian army has harassed rebel held territories and they've bombed them into submission. with these shoulder-fired missiles they're able to down syrian aircraft of all types and it allows the syrian opposition to have the possibility of actually saying they have a pure liberated territory which is completely outside of the regime's control and that sets the stage for a possible benghazi-like pocket that could push president assad south and west war war so step back from all t
melham, washington bureau chief for al- arabiya; and dan schueftan is director of national security studies center at the university of haifa. gentlemen, one thing i think a lot of people, myself included are wondering how did this flare-up seemingly so quickly. dan schueftan. >> well, since hamas took over we had for a while a thousand rockets per year, then came israeli escalation and-- and it went down to a small number of rockets every year, last year again we came to about a thousand rockets against israel. and this intensified in recent weeks to the point where israel had to take action. israel was saying for about two weeks, i mean people here were dealing with the elections and other things. but it was saying it must lead to a point where either it stops or we will have to take action. when it didn't stop israel took action. >> brown: what do you think happened to build telephone up? >> we have never seen quiet on the border even from 2008 until now. and a few days leading to the israeli decision to take on, assassinate a major military leader of hamas there were skirmishes
on egyptian constitutional law and politics. he's a professor at george washington university. do you find it significant that this wasn't just tahrir square but alexandria, port said. >> oh, yes. essentially most of the non-islammist political forces in egypt-- that is the brotherhood and others aside-- have lined up against us. the real question is are they going to be able to form a united front? and do they have any strategy by which to overturn morsi's decisions. >> suarez: what exactly has he done through these decrees? what did he say-- what powers did he give to himself, basically, until there's a constitution? >> well, he did a lot of little things. he dismissed the old prosecutor, seen as a hold-over from the old rejewel. he promised new trials. but the main thing that he did was to take all of his actions, and place them outside of court review. and he also made impossible to disband the constitutional assembly that is now writing the document. he had already assumed not simply presidential powers but legislative powers. that he did in august. what he is doing right now what, he
to your pbs station from viewers like you. thank you. >> brown: washington was a-whirl today with more talk of avoiding the much-discussed fiscal cliff. but as november wound down, the president suggested an agreement on taxes and spending could come in time for the holidays. >> i believe that both parties can agree on a frame work that does that in the coming weeks. in fact my hope is to get this done before christmas. >> you know me, i was born with the glass half full. i'm an optimist. >> brown: hopeful signs emanated from the white house and the capitol today, about getting a deal before the new year brings automatic tax hikes and spending cuts. president obama offered his optimism at an event with middle-class americans who'd be hit by any tax increase. >> i'm glad to see-- if you've been reading the papers lately-- - that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. >> brown: one such lawmaker i
. a trial in that case is scheduled to begin in february. darren gersh, nbr, washington. >> susie: joining us now, mitchell crusto. he's a law professor at loyola university in new orleans, and has been studying the b.p. case and the relationship between business and the environment. how important is today's set element -- settlement. >> this is the biggest story.no. we have more dollars at stake. >> in terms of how importantthil us a little more. it's a record settlement. but it does encompass quite a few different features. in addition to the felony charges there is the fec investigation and the resolution of that matter and that is a big deal. >> darren is saying it's notove. the government is bringing gross negligence charges against bp. bp is going to fight it vigorously how is that going to play out? >> it's difficult for them toave standard when they admitted to the felony charges. when it's related to the environment. it's some $20 billion this is a big story but it's an even bigger story ahead. >> there have been so many fines there a silver lining to all of this? does this make t
to offer limited service at laguardia tomorrow. in washington, boston, newark, and new york's john f. kennedy, airport operations are returning to normal. flightaware estimates 2,800 flights were canceled today, down from a peak of almost 8,000 on monday. tomorrow, 530 flights have been officially scrapped, but that will grow, if as seems likely, laguardia has trouble opening tomorrow. add it up and airlines took a big hit from sandy. >> you can multiply 18,000 canceled flights by a few tens of thousands of dollars in revenue per flight and you're well north of $100 million in lost revenue. some of it they will be able to recover by flying flightmore full over the next week, but a lot of it is gone. >> reporter: if it rolls on the ground, recovery will take longer.mo amtrak is providing limited service south and north of new york. but it gave no estimate for when flooded tunnels will be cleared and service restored into new york's penn station. darren gersh, "n.b.r.," washington. >> sie: the crippled transportation system is a big headache for feiex, joining us paul tronsor. he runs
.9%. darren gersh has the story from washington d.c. >> reporter: the october employment report makes it clear a jobs recovery is solidly underway. >> i think the key message there is that employment growth has been taken up a notch. over the last three months we've added over 170,000 jobs on average. that's a little bit better than what we've been seeing. that is enough over the long haul to bring the unemployment rate down, but slowly. >> reporter: one of the best things about this jobs report: payroll gains were broad-based. retailing added 36,000 jobs. health care 31,000 jobs. construction 17,000 jobs. manufacturing shook off its recent losses, adding 13,000 jobs. the unemployment rate did ti up to 7.9%. but even that may be a sign of strength. labor force participation had been falling as older workers retired and others gave up looking for work. over the last two months that trend has reversed and labor force participation is at its highest level in three years. >> that's a very good si because it means jobsi opportunities are increasing. it's drawing people in. >> reporter: wage gwth wa
, whoever that president is, facing this fiscal cliff, as they are talking about in washington. so, you are hearing that a lot on the congressional level. i want to roll back, if i can, s to the state ballot measures, because i do think that the most fascinating dynamic, to me, out of this ballot measure cpaign has been jerry brown'spa continl lobbying about not so much about what's great about prop 30, but what's bad if it fails. we've seen in polling and youat talk to people that there is this real angst about these automaticts, thes spending cuts that were baked into the state budget, $6 billion worth, mostly to education. should prop 30 fail. you look at the pomin ipolling,s a very potent issue and brown knew that and seems to be campaigning on it. jerry brown's been kind of his own worst enemy when he talks about issues about why you want have this tax increase. go out on the stump, say, it's about the budget, it's about say even though his ads it's about schools. i think that's been a very fascinating dynamic here. californians sense there are a lot of things wrong, a lot of thin
's complex answer because it really matters what the wholeci complexion of washington looks like t really comes do c in many cases to who wins in the senats do we have an gop sweep with a romney win or do you still have a democratic senate that can really change the complexion of what this lame duck lex looks like and what the status quo election may lend itself to a quick res luig of a lame duck session so a lot depends not just on the without wins the ovalgo office but its next two years in congress looks like. >> susie: so talk us through that. say president o ba am a wins the election but you have republicans dominating in congress.le what does that mean or the stock market. and vice veeasa, if romneysa becomes president romney and he has a democratic congressne, if he has to grapple with. >> i will service its second one first, if romney has to deal with a democratic songress, really a democratic senate the house probably stays in the hands of republicans. unlikely to craft a deal in a very short amount of timement remember we've got this fiscal cliff hitting next year and a lame duc
out a bigger plan for a grand bargain. sylvia hall, "n.b.r.," washington. >> tom: while investors remain focused on the fiscal cliff, a further jump in consumer sentiment helped stocks close in the green today. the university of michigan reuters consumer sentiment index this month rose to 84.9. that's its highest level since july of 2007. the dow added four points, the nasdaq was up nine, the s&p 500 added two points. for the week overall, the dow fell 2.1%. the nasdaq dropped 2.6%. and the s&p 500 is 2.4% lower tonight compared to a week ago. >> reporter: while president obama and house speaker boehner both say they're open to new ideas, wall streeters remain cautious about the fiscal cliff. meridien equity partners' joe greco says the market doesn't expect it to be resolved this year. >> i think we're going to see a push pull back and forth and we're probably not going to see much compromise until mid to late january. if we don't get things in order by february that's when things can start to get ugly for the markets. >> reporter: with so much short- term risks, greco says retai
opportunities. darren gersh, "n.b.r.," washington. >> tom: talk of the fiscal cliff threat didn't seem to hurt cyber monday, the biggest online shopping day of the year. americans are expected to spend $1.5 billion online today according to research firm comscore. that's up 20% from last year, as retailers pull out all the stops to get shoppers to click on their websites. erika miller has more. >> reporter: many americans were hard at work today. but others were hardly working-- using high speed office computers to scour the internet for bargains. others browsed at retail stores, but used mobile phones and tablets to make their purchases online. >> but internet shopping is more than just price comparison this year. it's about going shopping with friends and family even when they're not there. >> it makes them feel better about shopping when they are accessing social media. and its sort of that gratifying that other people agree that this the kind of product that someone would like. it's a quality product. it performs well whatever. >> reporter: a whopping 122 million americans are expected to
. that's our proposal, period. >> reporter: no one in washington ever thought negotiations to get past the fiscal cliff would be easy. now, more and more are talking about a rerun of what happened with the tarp bailout bill. first, congress may have to deadlock and go over the cliff, and then count on a falling market and an angry public to force action. >> it's what's euphemistically being called "let's let the peasants storm the castle with pitchforks" strategy. that is, get the average voter so upset that they pound on the... do the equivalent of pound on the door of their member of congress or the member of the senate, call their office and say, "look, i know i told you not to vote to raise taxes or not to vote to cut medicare, but you got to stop the pain." >> reporter: how bad could the pain get? after the house voted down the tarp bailout, the s&p 500 fell more than 8%. darren gersh, nbr, washington. >> tom: for more on the fiscal cliff negotiations, susie spoke with a leading democrat a short while ago, senator kent conrad of north dakota. >> susie: senator can rad thank you fo
: in fairfax an independent voter rich suburb of washington d.c. >> so many of you look at the big debates in this country not as a republican or a democrat but as an independent thinker, ican. am and you watch what's happened to thi country over the last four years with an independent voice you hope that president obama would live up to his promise to bring people together. to solve big problems. he hasn't. i will. ( cheers and applause ) o >> warner: in late afternoon he rallieded supporters in columbus, the capital of all important ohio. e feel good about the nature of theel race. i think we're going to win ohio >> warner: do you see a path to victory without winning ohio >> there are numerous paths to victory to get to 270. but like anyone else, we'd rather get there wth ohio thanre without it >> wa er: ohio so crucial that romney's running mate paul ryan ers there today to too. on the hee of stops in nevada, colorado, and iowa. romney's day won't end until midnight after an election evef rally in manchester, new hampshire. >> woodruff: late monday in a surprise move romney announced
thanksgiving meals to needy families at homeless shelters across the country, like this one in washington, d.c. turkey and all the trimmings were also served to u.s. troops overseas at bases in afghanistan and kuwait. the british broadcasting corporation appointed a new director-general in the wake of its worst crisis in years. tony hall-- a former bbc news executive and currently the head of the royal opera house-- will replace george entwistle. entwistle resigned from the post earlier this month, amid a controversy stemming from the bbc's coverage of child sex abuse. >> sreenivasan: next, reducing greece's big debt. the troubled country appears to be on track to get some much- needed aid next week. but european union leaders meeting at a summit this week are still unable to agree on how to cut greece's debt to a more sustainable level. "newshour" economics correspondent paul solman has a behind the scenes look at the efforts to do so. it's part of his ongoing reporting on "making sense of financial news." >> reporter: is the euro-crisis resolved? the message from europe's financial markets
running the house. that's what prevailed before americans voted, when deadlock reigned in washington, little got done, and the country was frustrated and angry. are we in for more of the same? the talk we are hearing in washington sounds altogether too familiar. so let's consider what's ahead with two people of different philosophies about what should be done. bob herbert was a long-time liberal columnist for "the new york times" until he retired last year and became a distinguished senior fellow for the national think tank demos. he's been on the road for months now, reporting for his forthcoming book, "wounded colossus." reihan salam writes "the agenda," that's a daily blog for the conservative national review online. he is a policy advisor at the think tank economics 21 and a columnist for reuters. he is also the co-author with ross douthat of the much talked-about book, "grand new party: how republicans can win the working class and save the american dream." welcome to both of you. >> great to see you, bill. >> bob, what will you remember about this election? >> well, the first t
administrations. he's now a counselor at the washington institute for near east policy. and khaled elgindy, a palestinian participant in the 2007 annapolis peace negotiations, and now a fellow at the saban center for middle east policy at the brookings institution. i want to start with you. your reading on where things stand tonight in termed of a pause or cease-fire. >> i do think the outlines of the cease-fire have probably been shapedded at this point. i think the secretary of state is there and has a chance to finalize this by, in a sense, becoming the, i think, the repository of the commitments that each side has made. i think one of the things that's going on right now is trying to make certain that all the understandings are understood the same way by each side and whatever promises are being made will now be promises made to her as well. in effect she becomes almost the holder of those as a kind of deposit. that, i think, is a chance for the cease-fire to actually be implemented and gives it more of a chance to endure. but these things from my experience having done a lot of this i
. darren gersh, nbr, washington.g >> tom: retail sales moved higher in october as retailers closed their books on the month before sandy rushed asre.d macy's surprised with a better than expected 4% sales gains; kohl's and targ also fared well.fa warehouse store costco was up 5%, while nordstrom was the standout. the high-end retailer posting a near 10% sales gain. >> susie: and auto sales moved higher in october, despite hurricane sdy crimping sales in the final days of the month.i sales at g.m. rose almost 5% on strength in its cadillac and buick brands. at ford, sales barely budged, just four tenths of a percent. thauto maker believes the massive storm cost the industry as many as 25,000 sales in the last three days of the month.au chrysler was up 10%, led by its ram pickup truck. toyota's sales were up 16%, while honda gained about half that. also from ford today, some management news that looks like a succession plan. mark fields was tapped to be chief operating officer, a move seen as steering him to eventually take the wheel from ford c.e.o. alan mulally. diane eastabrook re
is on assignment tonight. a repeated warning to washington-- if the u.s. goes over the fiscal cliff, it would push the economy into a recession. and late today, a top credit rating agency puts the odds of going off the cliff at 15%. plus, how g.o.p. economic policies could change as election day demographics change. that and more tonight on nbr! the u.s. economy would be driven into recession next year if the fiscal cliff is not solved in time. that's the warning again today from the congressional budget office. and the standard and poor's ratings agency said there's an increasing chance we will go over that cliff of tax increases and spending cuts. it puts the odds at 15%. still, s&p is optimistic about a solution, saying "the most likely scenario, in our view, is that policymakers reach sufficient political compromise in time to avoid most, if not all, potential economic effects of the cliff." both s&p and the congressional budget office warned unemployment would go over 9% by the end of next year if the cliff is triggered. those s&p comments hit the market in the last 30 minutes of trading, ext
're from washington. you're out here on a little trip. what do you think of this? is this only in san francisco? >> quite possibly. it's too cold in washington. but it's also interesting to see the edges of the frame of this conversation are so far to the left, that the screaming conservatives are the ones that want to restrict it to just be specific cases. >> let's be clear here, it's expected to be a close vote at the board. i talked to the author, and he thinks it will be a 5-6 vote. the argument being the sort of argument around the split bylaws, it's not necessary. there are ways to -- things on the books that they can use already. but i think that comes down to the liberal town and people not wanting to tell their people what to do. >> do you think this is a progressive issue? >> i would say -- i don't know. >> that's why i asked it. >> i think the progressive will be squarely against this. >> this is a fascinating thing. we will find out what happens. anyway, that's all for tonight. i want to thank all of you for being with us. it's been a lot of fun. so come back again and vis
to send a tough message back to washington-- get your act together. he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. >> uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the
in washington. fewer americans filed for unemployment insurance for the first time last week. initial jobless claims fell by 41,000 as the impact of super- storm sandy on the job market began to ease. still, new claims remain over 400,000 thanks to the storm. on wall street: the dow closed up 48 points, the nasdaq added almost 10, and the s&p 500 finished higher by three. >> susie: stocks also rose on news of a ceasefire in the fighting between hamas and israel in the gaza strip. the announcement came after a week of rocket attacks and counter-attacks that has killed an estimated 150 people. most of the dead are palestinians. and just before that agreement to end hostilities, a bomb exploded in a tel aviv bus station injuring 27. >> tom: i don't wake up trying to solve for wall street, i wake up trying to solve for our members and customers each and every day. still ahead, we talk health care reform with florida's largest health insurer, chairman and c.e.o. of florida blue, patrick gerahty joins us. >> tom: among the taxes scheduled to go up on new year's day if there is no solution to the fi
it is paying out will total almost a trillion dollars over the next decade. darren gersh, nbr, washington. >> tom: while the summer drought baked midwestern fields, farm values are up. still ahead tonight, we look at why farmland is such a hot commodity with investors. off the farm, home prices continue heading higher, rising for an 18th consecutive month, according to the widely followed s&p case/schiller home price index. the survey tracks 20 metropolitan cities, and shows home prices were up 3% year over year in september. compared to august, prices inched up three-tenths percent higher. together, analysts say the numbers add up to a long recovery for housing. >> the housing market has clearly turned the corner and is well on its way to recovery. it's going to be a slow, steady, recovery rather than a booming, explosive recovery, because we still have a few years of distressed inventory we have to work through and some headwinds in the lending market. >> tom: nationally, prices are back to their mid-2003 levels. but they're still down 30% from the peak of the housing bubble. >> susie:
million. >> tom: that and more tonight on "n.b.r." >> susie: a parade of business leaders in washington today to persuade president obama and congress to avoid the fiscal cliff. with just 33 days left to nail down a deal, c.e.o.s made the rounds to explain to lawmakers that because of cliff gridlock, they're holding back on hiring and spending. as darren gersh reports, c.e.o.s weren't the only ones campaigning hard today. >> reporter: the president and republicans focused today on staging events designed to pressure the other side. the president called on americans to tweet, facebook and call members of congress to tell them to pass tax cuts for everyone making less that $250,000 a year. >> 97% of small businesses would not see their income tax go up by a single dime. even the wealthiest americans would still get a tax cut on the first $250,000 of their income. >> reporter: the speaker dismissed a call from a fellow republican to give the president what he wants, saying it's not good economics to raise tax rates on small businesses. >> going over the fiscal cliff will hurt our economy a
money involved. we were all stisnded s-- many of us were stranded at home in the washington, d.c. media market on monday during the hurricane and saw a lot of these adsn the virginia race. and it was justd non-stop left right left right beating each other up. many funded by the outside groups and not the candidates themselvess. >> brown: let's focusn one case, oio,iotell us what you see there in terms of campaigns versus the outside groups. >> well, especially on the republican side, the outside groups are a huge factor. the republican candidate josh mandel has been outspent 3-1 by the outside groups in support of him. so he's been hugely helped by these groups. sherrod brown, obviously, has -- as the incumbent, had the incumbent advantage in terms of the money that he has available to spendy but he' also getting a lot of help from outside groups. they are flood there had in ohio and the markable thing isma that ohio is this big presidential state. it's not like the airwaves are free and clear. >> brown: never. >> so they're aving to spend a ton of money. ese aren't cheap media markets
upround louden county. the average income is $115,000. very close to washington d.c. in the southwest in dickinson county $29,000. >> it's a tremendousp disparity. so much of those jobs in that urban crescent are defense-related. that's been a particular issue in this campaign. as this state looks to what may happen after the election with regard to see questions traition of those automaticnd indiscriminate cuts that will take place in january 2 if the spending plan is not developed. here's a lot of attention, a lot of focus on what may happen after see questions traition. that will be deeply interestinge to those people who are making that kind of money because so much of that is oriented around the defense industry. >> sreenivasan: kathy lewis, thanks so much for your time. >> thank you. ifill: now let's go to 30,000 feet on this evening from presidential historians and newshour regulars michael beschloss and richard norton smith. you know, michael, i have heard time and time again throughout this campaign that this has been a campaign about small things. the bi picture was missing.
incident you left washington and you went to nevada. that was for a fund-raiser. that's what they're doing and if you think of that many fund raisers, here's an interesting statistic for you. back in 1984, ronald reagan was incumbent president of the united states. he was running for reelection. his campaign had to raise money for the party even though he was taking the federal grant as everyone has until this year in the general election. ronald reagan attended in that year four fund raisers. >> compared to -- >> 221, so we have a president -- this is not an attack on obama. we have a president who is to some extent, not doing their job because they have to be off fund-raising. the romney people felt the same way. romney was heard to be complaining in his campaign that he couldn't go out and meet voters and do what he thought he had to do as a can at because he had to spend all of his time in closed rooms of wealthy people to fund raise in order to get his ads up for his campaign. he couldn't campaign. there's a great irony here and so you have two issues here. one is the time that the pr
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